4:53pm Tuesday 12th February 2013
By Jim Durkin
POOLE’S Dolphin Shopping Centre has been sold for £57.7million, it has been announced.
New owners Legal & General Property (LGP) bought the centre on behalf of its Managed Fund from Dutch firm Wereldhave.
The purchase throws into doubt a planned £6.5m facelift, that was due to start in stages this year and involved a complete overhaul of Kingland Crescent and Falkland Square.
Mark Russell of LGP’s Managed Fund said: “The Dolphin Centre offers a resilient income return, supported by a diverse tenant base and affordable rents.
“There exists a number of options to increase dwell time and enhance tenant mix, with numerous retailers not currently represented in the town.”
Wereldhave bought the centre at the end of 2010, before going on to purchase a significant slice of Falkland Square the following year.
The Dutch property company had been planning an ambitious rejuvenation scheme for in-and-around the shopping centre. At this stage it is unclear if the new owners will continue in this direction.
Wereldhave UK managing director John Laker said: “The sale of the Dolphin Centre, Poole, is in-line with our plans to consolidate our place as a leading shopping centre investor in Europe and we look forward to exploring new opportunities.”
The shopping centre includes 430,000sq ft of covered retail space, arranged over three floors. Big name retailers include Marks & Spencer, Primark, Boots, BHS and Beales.
According to figures the centre has an annual footfall in excess of 11 million people.
Mr Russell explained: “The quality of income currently enjoyed by the fund affords an opportunity to move up the risk curve on a selective basis where we feel that value exists for secondary assets which are capable of being repositioned.”
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